While the average wedding is a rather less grand affair than this week’s main event, analysis from Family Investments reveals that parents who wish to cover the cost of the average wedding*, will need to save £50 a month** for eighteen years to accumulate a savings pot to meet the average wedding’s £18,000 price tag.
For those parents who wish to make a contribution rather than meet the entire cost, a £10,000 savings pot would require a monthly saving of £30 while generous parents looking to push the boat out and gift £25,000 will need to save £70 a month.
Kate Moore, Head of Savings and Investments at Family Investments said, “Every couple has a different idea of how much to budget for their big day, however there’s little doubt that getting married is a costly business and many parents will hope to step in and ease the burden to some extent.
“It’s vital that parents start early and save little and often to accrue a sum that will give their child a helpful start to adult life.”
“With such a substantial cost to meet, parents looking to lend a hand will need to save regularly over many years if they wish to keep the cost manageable. Whether it’s university tuition fees, a deposit for a first home or even a dream wedding that is needed, it’s vital that parents start early and save little and often to accrue a sum that will give their child a helpful start to adult life.
“To help parents achieve these goals the Government recently confirmed it will launch the new Junior ISA in November. The Junior ISA is a tax efficient children’s savings account that will be offered by Family Investments.”
If parents want to find out more about the benefits of the new Junior ISA they can visit
www.family.co.ukand register to receive regular updates.
- ENDS -
Notes to journalists:
* Source: Weddings Day website http://www.weddingsday.co.uk/
**By investing in a stocks and shares based account providing annual growth of 7% over an 18 year period.